• 1 Marks

BMF – May 2017 – L1 – SA – Q9 – Business and Organizational Structures and Choices

Multiple-choice question on the document specifying obligations and rights in a business partnership.

A business partnership is an entity in which two or more individuals share the ownership of the business. The document which specifies the obligations and rights of each partner is called

A. A partnership deed
B. A contract
C. An article of association
D. A memorandum of association
E. A tort

Answer: A

Explanation:
A partnership deed is a legal document that outlines the terms and conditions of a business partnership. It defines the rights, responsibilities, profit-sharing ratios, and other obligations of each partner involved in the business. This document is crucial for preventing disputes and ensuring smooth functioning of the partnership.

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